Some might be thinking on what are the Basic qualifications and requirements of a cooperative. As a member for almost seven years now, I have learned that a development/ credit cooperative is a good investment. Based in my experience, most members of the cooperative are housewives who have extra businesses. At first, I was too shy because the average members age are 35 above but when I reached the age of 30, I became more confident with their transactions.
Basic qualifications and requirements of a cooperative:
- A resident of the area of operations of the cooperative.
- Any person of age 18-60 years old.
- Employed or operating a business within the areas of operations. If self-employed, speak with an account officer and they may require you bank statements or proof of your income.
- Applicant should attend a seminar and must submit a 2X2 photo and any of the following requirements:
Birth or Baptismal Certificate
Any valid identification card
If employed, certificate of employment and latest pay slip If engaged in business, business permit or barangay business certificate for small business owners.
- An applicant should prepare an amount for the membership fee, share capital, savings or mutual benefit fund. The initial amount depends on the cooperative requirement. Currently, when I compared the initial amount among cooperatives most require the member to deposit and maintain PhP2,000 for the share capital.
Before you join a cooperative it is always best to examine their status. Speaking to a person who is an old member may give you an idea of how beneficial a cooperative is and how sturdy it is.